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The European Central Bank and why things are the way they are: A historic monetary policy pivot point and moment of (relative) clarity

Dubois, Robert - 2012

struggling to escape liquidity quicksands and stubbornly low or negative growth and employment trends. At the center of the … monetary policy pivot point. Since November 2011, the ECB has taken on an arguably activist liquidity-provider role relative to … integration. In December 2011, the ECB made clear its intention to inject massive liquidity when faced with crises of scale in …

Persistent link: https://www.econbiz.de/10010286538

The repeal of the glass-steagall act and the Federal Reserve's extraordinary intervention during the global financial crisis

Nersisyan, Yeva - 2015

Before the global financial crisis, the assistance of a lender of last resort was traditionally thought to be limited to commercial banks. During the crisis, however, the Federal Reserve created a number of facilities to support brokers and dealers, money market mutual funds, the commercial...

Persistent link: https://www.econbiz.de/10010513034

The central bank "printing press": Boon or bane? Remedies for high unemployment nd fears of fiscal crisis

Hannsgen, Greg; Papadimitriou, Dimitri B. - 2010

In recent years, the US public debt has grown rapidly, with last fiscal year's deficit reaching nearly $1.3 trillion. Meanwhile, many of the euro nations with large amounts of public debt have come close to bankruptcy and loss of capital market access. The same may soon be true of many US states...

Persistent link: https://www.econbiz.de/10010281716

The fiscal-monetary nexus in Germany

Ehnts, Dirk H. - 2020

In this paper, the focus lies on the way the German government spends, how it spends and what the connection between finance ministry and central bank is. The institutions involved in the process are identified and discussed. As a member of the Eurozone, Germany's national central bank is not...

Persistent link: https://www.econbiz.de/10012203542

The Swedish Fiscal Framework – The Most Successful One in the EU?

Andersson, Fredrik N. G.; Jonung, Lars - 2019

This paper discusses the history and future of the Swedish fiscal framework. First, we claim that the fiscal framework has contributed to a sharp decline in the debt-to-GDP ratio, from one of the highest to one of the lowest in the European Union. Next, we focus on the future. Despite its...

Persistent link: https://www.econbiz.de/10013208847

The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation

Gander, Sascha - 2019

This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes in-trinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the...

Persistent link: https://www.econbiz.de/10012099421

Issues in central bank finance and independence

Stella, Peter; Lonnberg, Åke - 2008

Conventional economic policy models focus only on selected elements of the central bank balance sheet, in particular monetary liabilities and sometimes foreign reserves. The canonical model of an independent central bank assumes that it chooses money (or an interest rate) unconstrained by a need...

Persistent link: https://www.econbiz.de/10010292319

Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik

Hoffmann, Andreas; Schnabl, Gunther - 2011

Das Papier untersucht auf der Grundlage der monetären Überinvestitionstheorien von Wicksell (1898), Mises (1912) and Hayek (1929, 1935) das Scheitern von geld- und finanzpolitischen Regeln zur Kontrolle von übermäßigem Geldmengenwachstum und ausufernder Staatsverschuldung. Es zeigt...

Persistent link: https://www.econbiz.de/10010305985

Central Bank Conservatism and Labor Market Reform

Jordahl, Henrik; Laséen, Stefan - 1999

How does central bank conservatism affect labor market reform? In this paper we examine the economic forces at work. An increase in conservatism triggers two opposite effects. It reduces the inflation bias of discretionary monetary policy and hence the benefits of a reform. It also increases...

Persistent link: https://www.econbiz.de/10010321824

Is monetary financing inflationary? A case study of the Canadian economy, 1935 - 75

Ryan-Collins, Josh - 2015

Historically high levels of private and public debt coupled with already very low short-term interest rates appear to limit the options for stimulative monetary policy in many advanced economies today. One option that has not yet been considered is monetary financing by central banks to boost...

Persistent link: https://www.econbiz.de/10011545308

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